MANILA – Amid the Senate recess, Senate Committee on Public Services Chairperson Raffy Tulfo held a Zoom meeting with the Department of Energy (DOE), Department of Transportation (DOTr), and Department of Social Welfare and Development (DSWD) to discuss rising petroleum prices and their impact on the transport sector.

During the meeting, Tulfo raised concerns over consecutive oil price increases by local oil companies, which he said were implemented just days after tensions escalated in the Middle East, even though the fuel being sold was old “buffer stock” rather than newly supplied inventory.

“Ang kapal ng mukha nitong mga oil companies na ‘to! Ilang araw matapos sumiklab ang giyera sa Middle east, nagtaas na agad sila ng presyo ng langis na ngayon ay umaabot na sa 97% price increase kahit ang ibinebenta nilang langis ay lumang stock pa. Parang scam!,” Tulfo said.

Tulfo noted that Philippine oil companies appear to have applied the steepest price hikes in the region, reaching up to 97%—higher than neighboring countries including Laos (33%), Thailand (46%), Vietnam (35%), Cambodia (15%), and Singapore (29%)—raising concerns of possible abuse under the Philippine Oil Deregulation Law.

DOE Oil Industry Management Bureau Director Rino Abad explained that the government has no authority to set or intervene in oil prices since the law’s passage in 1998, making it impossible to establish a pricing formula. He added that the removal of the Oil Price Stabilization Fund and the government’s exit from oil trading shifted control to the private sector, leaving the DOE with only a monitoring role and appeals to oil companies to stagger weekly price increases.

Tulfo urged concerned agencies to coordinate with oil importers and companies to protect commuters, drivers, and other transport stakeholders and prevent further exploitation through steep price hikes.

The senator also highlighted problems in the distribution of government fuel subsidies, especially for tricycle drivers, citing unclear requirements, incomplete beneficiary lists, and delays in payouts. He coordinated with Edwin Morata, Director of the DSWD Crisis Intervention Division, calling on him to improve and systematize the subsidy process.

In addition to DSWD’s Assistance to Individuals in Crisis Situation (AICS) fuel subsidy, DOTr Secretary Giovanni Lopez said the rollout of the agency’s ₱2.5 billion fuel subsidy program will begin on March 24, with jeepney drivers and operators set to receive ₱5,000 each. The DOTr has partnered with Land Bank of the Philippines and various e-wallet applications to facilitate easier and more convenient access to financial assistance while drivers continue working.